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  • Average dividend and franking credit yields

    Find the average monthly dividend and franking credit yields on a share portfolio comprising the All Ordinaries Index.

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    When to use these yields

    You can use these yields if you made an election under former section 160APHR of the Income Tax Assessment Act 1936 (ITAA 1936). This means you:

    • are a qualified person for the purposes of Division 1A of the former Part IIIA of the ITAA 1936
    • will not be denied a franking credit or tax offset under paragraph 207-145(1)(a) of the Income Tax Assessment Act 1997.

    Note: Under the simplified imputation system, applying from 1 July 2002, franking accounts are expressed in dollars of tax paid, rather than the corresponding taxable income. From this time, average franking credit yield equals average franking rebate yield.

    Example: How to calculate average franking credit yield for periods prior to 1 July 2002 before the franking accounts were expressed in dollars of tax paid.

    The yields for the 12 months to 30 June 1999 are:

    • average dividend yield: 3.65%
    • average franking rebate yield: 1.44%
    • average franking credit yield: 1.44% × (64 ÷ 36) = 2.56%.
    End of example

    Find out more in TD 2007/11 Income tax: imputation: franked distributions: qualified persons: does an entity have to be a qualified person within the meaning of Division 1A of former Part IIIAA of the Income Tax Assessment Act 1936.

    List of yields

    These yields are calculated with the assistance of rating agency S&P Dow Jones Indices and are generally available by the middle of the following month.

    2022 yields

    For the months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    31 January

    3.61%

    1.22%

    28 February

    4.17%

    1.45%

    31 March

    3.97%

    1.35%

    30 April

    3.94%

    1.34%

    31 May

    3.95%

    1.34%

    30 June

    3.97%

    1.35%

    31 July

    3.99%

    1.36%

    31 August

    4.01%

    1.36%

    2021 yields

    For the months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    31 January

    2.93%

    0.93%

    28 February

    2.81%

    0.89%

    31 March

    2.87%

    0.93%

    30 April

    2.80%

    0.91%

    31 May

    3.03%

    1.01%

    30 June

    3.02%

    0.99%

    31 July

    2.97%

    0.97%

    31 August

    2.96%

    0.94%

    30 September

    3.57%

    1.21%

    31 October

    3.52%

    1.19%

    30 November

    3.66%

    1.24%

    31 December

    3.64%

    1.23%

    2020 yields

    For the months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    31 December

    2.93%

    0.93%

    30 November

    3.00%

    0.94%

    31 October

    3.29%

    1.03%

    30 September

    3.29%

    1.03%

    31 August

    3.52%

    1.12%

    31 July

    3.62%

    1.14%

    30 June

    3.60%

    1.13%

    31 May

    3.69%

    1.13%

    30 April

    4.05%

    1.29%

    31 March

    4.03%

    1.28%

    29 February

    3.84%

    1.20%

    31 January

    3.98%

    1.26%

    2019 yields

    For the months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    31 December

    4.04%

    1.28%

    30 November

    4.10%

    1.30%

    31 October

    4.15%

    1.34%

    30 September

    4.20%

    1.36%

    31 August

    4.14%

    1.35%

    31 July

    4.18%

    1.36%

    30 June

    4.20%

    1.36%

    31 May

    4.21%

    1.37%

    30 April

    4.23%

    1.38%

    31 March

    4.25%

    1.39%

    28 February

    4.22%

    1.39%

    31 January

    4.16%

    1.35%

    2018 yields

    For the months ending

    Average dividend
    yield (%)

    Average franking
    rebate yield (%)

    31 December

    4.15%

    1.35%

    30 November

    4.11%

    1.34%

    31 October

    4.11%

    1.34%

    30 September

    4.10%

    1.34%

    31 August

    4.13%

    1.35%

    31 July

    4.11%

    1.34%

    30 June

    4.15%

    1.35%

    31 May

    4.16%

    1.36%

    30 April

    4.18%

    1.36%

    31 March

    4.18%

    1.36%

    28 February

    4.29%

    1.39%

    31 January

    4.19%

    1.36%

    Find yields going back to 1998 on data.gov.auExternal Link.

    Last modified: 21 Sep 2022QC 16139